The Day Ahead: PM Edition 2019-12-04

Bonds could not poke over the high from yesterday to test 161^02, but instead fell back to test the daily moving averages. Could wave [Y] of b be complete? Yes, technically the form is good enough at this point. From a practical standpoint, probably should look for confirmation such as a drop under the moving averages before getting too excited about a reversal.

Japanese Yen via ETF FXY 2019-12-04

Yen has dropped steadily from the wave (e) of a triangle target of 90.41. So far, no complaints as it has been on plan. FXY has tested support at 86.71 with the Lomb pulled down where it is forecasting a cycle low. The pattern is not crystal clear but could be a small...

S&P 500 Midday Update 2019-12-04

SPX reached resist quickly this morning and has been stalled for a few hours. I think bears have a chance to take the first step and drop under 3112 and test 3108 or 3102. 3102 will be the true test for bears, to continue selling to get some momentum lower started for...